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In 2006, Lorna Gibbar and Tracey Hagan embarked on a journey of investing in real estate in Perryville, MO. In 2006, the real estate market and banking industry was quite different than what it is today. At that time, investors with good credit could buy rental property with no money down. We were able to take advantage of opportunities to increase our equity in properties by strategically improving them and renting them to fellow community members.
Lorna and Tracey were no strangers to the pitfalls that many landlords in our area and around the nation are riddled with. While many of their tenants were stellar, they also dealt with the occasional tenant that was careless in maintaining the home that they were living in. Lorna and Tracey spent days cleaning the basements of homes that were filled with trash, jumped in dumpsters to smash the remaining trash that needed to go to the dump, hired professionals to deal with flea infestations from illegal pets and even more professionals to deal with eliminating bed bugs. They’ve had to hound tenants for rent payments so that they could, in turn, make the payment on the house that they owned. The life of a landlord is not always pretty but they’ve always made the best of the situation.
Over the years, they always joked about buying a beach house or a lake house or just some sort of vacation home. After spending the past 13 years owning and managing 13 duplexes and 3 single family homes, they decided that it might be time to have a more serious conversation about that long-time joke. In 2019, Lorna and Tracey decided that it was time to start devising an exit strategy for the properties that they owned together in Perryville. Not to worry, they are still avid believers in investing in real estate in the community in which they live. They each still own rental property individually in the area and still own some together as well. But with the sale of some of them last year, they were able to make that long-time joke a reality by purchasing a single family home on Navarre Beach at the end of the year.
They are enjoying the new adventure that this is bringing to their lives. They are learning a whole new facet of real estate investing through the short-term rental of the Navarre Beach home. They’re learning the ins and outs of vacation rental sites like VRBO and Airbnb and are excited to provide each guest a wonderful experience at their home by being conscientious of all the “extras” that vacationers need. They want their guests to simply pack their clothes and just enjoy making memories with their friends and family in an area that provides the most gorgeous white sand and turquoise waters you will ever see.
